May 15 (Bloomberg) -- Third Point LLC, the New York-based
hedge fund run by Daniel Loeb, added to shares of Sara Lee Corp.
and Yahoo! Inc. and reported a stake in Apple Inc. in the first
quarter, according to a regulatory filing.

Third Point increased its holding of Downers Grove,
Illinois-based Sara Lee by 2.5 million common shares to 10.3
million, valued at $221 million, as of March 31, according to a
filing today with the U.S. Securities and Exchange Commission.
The firm raised its stake in Sunnyvale, California-based Yahoo
by 14.5 million shares to 70.5 million, valued at $1.07 billion.

The firm reported a new holding of 362,000 shares of
Cupertino, California-based Apple valued at $217 million.

Yahoo was Third Point’s largest position by market value as
of March 31. Loeb, 50, has been pushing to shake up Yahoo’s
board since September and flagged discrepancies in Chief
Executive Officer Scott Thompson’s resume, which resulted in
Thompson’s decision this week to step down.

As part of Loeb’s agreement with Yahoo to drop his proxy
fight, Loeb will become a director along with two Third Point
nominees, Harry Wilson and Michael Wolf.

Loeb wrote a letter to Yahoo’s directors in September
calling for changes to the board and the company’s leadership.
The hedge-fund manager sent a follow-up in November demanding
two board seats and asking co-founder Jerry Yang to step down as
a director following reports that Yahoo was considering a
transaction with private-equity firms. He sent a third
communication in December calling for the release of letters
sent to potential buyers of the Internet company.

Board Changes

Yang resigned in January, before Yahoo announced the
departure of four other board members, including Chairman Roy
Bostock, the next month. Yahoo’s shares have fallen about 7
percent in the past 12 months.

Third Point is an event-driven fund, betting on companies
facing mergers, spinoffs and bankruptcies. Elissa Doyle, a
spokeswoman for Third Point, didn’t immediately respond to an e-mail seeking comment.

Money managers who oversee more than $100 million in
equities must file a Form 13F within 45 days of each quarter’s
end to list their U.S.-traded stocks, options and convertible
bonds. The filings don’t show non-U.S. securities or how much
cash the firms hold.

Hedge funds are lightly regulated pools of capital whose
managers can invest in any asset, and share in annual profits.